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section: Subjective probability

Often the cumulative form of the binomial distribution is used. To determine
the probability of obtaining 3 or more successes with n=6 and π
= 0.3, you compute P(3) + P(4) + P(5) + P(6). This can also be written
as:

and is equal to 0.1852 + 0.0595 + 0.0102 + 0.0007 = 0.2556. The binomial
distribution can be approximated by a normal distribution
(click here to see how). Click here
for an interactive demonstration of the normal approximation to the binomial.

Free Tutorial on Using Excel's Binomial Function

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section: Subjective probability